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W 1700.8 P966s 2004/05 c.1
THE STATEWIDE
WATER DEVELOPMENT
REVOLVING FUND
FY 2005 PROPOSAL
Submitted to the
Second Session of
The Forty-Ninth Oklahoma Legislature
By the
Oklahoma Water Resources Board
February 2004
TABLE OF CONTENTS
Executive Summary and Recommendations 1
SWDRF Purposes 2
Financial Assistance Programs 2
Sardis Reservoir Water Supply Storage Repayments 2
Proposed FY 2005 Program Description 3
Statewide Water Development Revolving Fund Summary 5
Appendix A - Program History and Accomplishments
Appendix B - Sardis Reservoir Payment History
Appendix C - Clean Water SRF Funding Source History
Appendix D - Drinking Water SRF Funding Source History
Appendix E - Approved and Funded Loans
Appendix F - Approved and Funded Emergency Grants
THE STATEWIDE WATER DEVELOPMENT REVOLVING FUND
FY 2005 PROPOSAL
EXECUTIVE SUMMARY AND RECOMMENDATIONS
In order to develop a financial assistance program to provide water and wastewater
infrastructure financing for Oklahoma communities, approximately $40 million has been
contributed to the Statewide Water Development Revolving Fund that was established
during the 1982 legislative session. These funds have been utilized for bond reserves, state
matching funds, and to generate funds for emergency grants. This $40 million investment
made by insightful State Leaders years ago has resulted in the following accomplishments:
• Provided $1.35 billion in water and wastewater infrastructure financing in the
form of low interest loans and grants.
• Generated an asset base of nearly $350 million that continues to provide
financial assistance for water and wastewater infrastructure projects in
Oklahoma.
• Reduced the total cost of financing water and wastewater projects by over
$415 million.
The following recommendations proposed in this report are actions that the Board believes
are essential to perpetuating its financing strategy of providing the lowest possible cost of
funding to Oklahoma communities for their water and wastewater infrastructure needs:
• Appropriation of $1,074,123.69 for the annual payment for water supply
storage costs at Sardis Reservoir.
• A $6.5 million investment in an Update to the Oklahoma Comprehensive
Water Plan to facilitate the most effective use of Oklahoma's water
resources and focus financial assistance resources on the State's top
priorities as identified in the plan.
• An $118 million investment in the financial assistance programs of the
OWRB which will generate a total of nearly $270 million in new assets and
provide cost savings to Oklahoma communities totaling $186.9 million in the
next six years alone.
Demand for funding continues to outpace the sources for financial assistance. Oklahoma
communities will need a total of nearly $2.0 billion in financing over the next six years.
Without additional financial capital for the OWRB financial assistance programs, a $669
million dollar funding shortfall will occur that will cost Oklahoma communities an additional
$186.9 million. Due to the increased costs, many Oklahoma communities may have
difficulty in providing safe drinking water and adequate wastewater treatment for their
citizens.
SWDRF PURPOSES
The various purposes for which the SWDRF may be used are set forth in Title 82,
Oklahoma Statutes 2001 §1085.40, which reads in pertinent part as follows:
1. For the planning, and upon legislative authorization, acquisition of land,
construction, operation and maintenance of multipurpose reservoirs and
desalination facilities within the State of Oklahoma;
2. To provide for and pay the share, contribution, or portion of the cost the
state shall pay for any legislative-approved, federally funded water project
for bank stabilization, flood control, weather modification, hydroelectric
power, water supply, irrigation, recreation, and other beneficial uses; and
3. To fulfill state contractual obligations upon legislative authorization and
pursuant to approved repayment agreements with the federal government
and incidental federally funded water supply storage projects.
Furthermore, Title 82, Oklahoma Statutes 2001 §1085.44 authorizes the use of monies on
deposit in the SWDRF as security and collateral for the investment certificates issued by the
OWRB and directs the OWRB to manage and administer the SWDRF so as to maintain a
balance adequate to sufficiently back any and all outstanding bond issues. Thus, the
OWRB is assigned the responsibility of allocating the money in the SWDRF between
expenditure and security/collateral purposes.
FINANCIAL ASSISTANCE PROGRAMS
The OWRB initiated its financial assistance programs in 1979. The first grants were made
in 1983; the first loans made in 1986. Today, the OWRB administers three loan low interest
programs: the State Loan Program, the Clean Water State Revolving Fund, and the
Drinking Water State Revolving Fund; and two grant program: the Emergency Grant
Program and the Rural Economic Action Plan Grant Program.
The Statewide Water Development Revolving Fund (the "SWDRF") plays an integral role in
allowing the OWRB to provide the financial assistance programs. Out of a total investment
into the SWDRF of approximately $40 million, including an initial investment of $25 million in
1983, the OWRB has generated a permanent asset base totaling $350 million and has
provided $1.35 billion in loans and grants for critical water and wastewater infrastructure
projects all across the State. For a more detailed discussion of the OWRB's financial
assistance programs, please see Appendix A.
SARDIS RESERVOIR WATER SUPPLY STORAGE REPAYMENTS
The SWDRF has also been utilized to make money available to fulfill cost-sharing
requirements on federal water projects, construction of state water projects, and repayment
of water supply storage contracts between the state and the federal government. These
latter uses of the Fund are necessitated by declining federal participation and,
subsequently, the growing responsibility of states in financing local water systems and
major multi-purpose facilities. Sardis Reservoir, located in southeastern Oklahoma,
southeast of McAlester near the Town of Clayton in the Kiamichi River basin, is the only
reservoir meeting the criteria for this SWDRF purpose.
In 1974, a predecessor to the Board, the Water Conservation Storage Commission, entered
into a contract to repay storage cost, with annual payments on 'present use' storage to
2
begin after project completion. The contract was assumed by the OWRB in 1979 pursuant
to legislative direction at Title 82, Oklahoma Statutes §1085.38. After the reservoir was
completed in 1983, the OWRB made six annual payments (1983-1988) of approximately
$500,000 each. Although requested in Statewide Water Development Revolving Fund
annual reports such as this, the Legislature did not approve additional appropriations for the
next seven annual payment (1989-1995) invoiced by the Corps of Engineers. The 1996
annual payment of $508,030 and the 1997 annual payment of $1,175,850 were
appropriated from the "Rainy Day" Fund. A total of $4,415,640.83 has been paid to the
Corps.
In July 1998, the United States filed suit in federal court seeking enforcement of the 1974
contract and an order from the court to prohibit the state from denying its obligations under
the 1974 contract. The Corps contends that approximately $15.8 million is due and owing
on the 1974 contract including payments billed in 1998 - 2004 and late payment interest.
See Appendix B for Sardis Reservoir payment information.
PROPOSED FY 2005 PROGRAM DESCRIPTION
The OWRB considers the items listed in the SWDRF spending proposal for FY 2005 to
essential to perpetuating its financing strategy of providing the lowest possible cost of
funding to Oklahoma communities for their water and wastewater infrastructure needs.
These include: (1) the annual water supply storage repayment for Sardis Reservoir, (2)
$6.5 million investment in the Comprehensive Water Plan, and (3) $118 million investment
in the financial assistance programs of the OWRB.
1. Annual Water Supply Storage Repayment for Sardis Reservoir
The scheduled FY 2005 annual payment for water supply storage costs at Sardis Reservoir
is $1,074,123.69. Consideration should be given however, to the outright purchase of
Sardis Reservoir from the Corps, as an asset of the state that would likely be far more
valuable than its purchase price. Such a purchase price would need to be established
based on negotiation with the Corps.
2. $6.5 Million Investment in the Comprehensive Water Plan
In 1992, the State Legislature directed the OWRB to update the Oklahoma Comprehensive
Water Plan every 10 years. The 1995 Update focused on obtaining water resource data,
conducting supply and demand analyses through 2050, and water related issues and
problems including water quality, water rights, water conservation, and water supply
augmentation.
The OWRB proposes that the 2005 Update be "regionally focused" identifying and
implementing specific improvements and management strategies necessary to meet future
water needs. This regional planning approach should be driven by local users; however
sufficient funding and technical assistance must be provided from the state (through the
OWRB) to develop each regional plan and identify projects for funding. The OWRB
proposes a total investment of $6.5 million over the next three fiscal years to fund the
planning process.
3. $118 Million Investment in the Financial Assistance Programs of the OWRB
Through the year 2010, over $2.0 billion will be needed for water and wastewater
infrastructure financing across Oklahoma, including over $1.6 billion in new projects. A total
investment of $118 million in Oklahoma's financial assistance programs will allow the
OWRB to be able to provide $1.63 billion in financing over the next six years while reducing
3
the costs of financing to Oklahoma communities by a total of $476.6 million. It will also build
sufficient program assets to ensure that the OWRB positions itself to continue to provide
sufficient low-cost funding levels for future water and wastewater financing needs. The
$118 million investment will be used to benefit Oklahoma in the following manner:
$83 million investment in the Drinking Water SRF
• Access $75 million in future federal Drinking Water SRF
capitalization grants by providing $15 million in state matching funds.
• Provide a reserve fund capital infusion of $68 million to allow the
OWRB to issue approximately $120 million in revenue bonds each
year in order to finance the entire $720 million demand for new
drinking water infrastructure financing over the next six years.
• Save Oklahoma ratepayers an additional $105 million in project
financing costs over the next six years.
$20 million investment in the State Loan Program
• Provide a reserve fund capital infusion of $20 million to allow the
OWRB to issue approximately $50 million in State Loan Program
revenue bonds each year in order to finance the entire $300 million
demand for drinking water and wastewater infrastructure financing
and refinancing over the next six years.
• Provide $20 million in permanent assets that generate an estimated
$4.8 million ($800,000 per year) in investment earnings over six
years to fund Emergency Grants or to facilitate future Sardis Lake
debt service payments.
• Save Oklahoma ratepayers an additional $42.2 million in project
financing costs over the next six years.
$15 million investment in the Clean Water SRF
• Access $75 million in future federal Clean Water SRF capitalization
grants by providing $15 million in state matching funds.
• Allow the OWRB to issue approximately $100 million in revenue
bonds each year in order to finance the entire $600 million demand
for new wastewater infrastructure financing over the next six years.
4
STATEWIDE WATER DEVELOPMENT REVOLVING FUND SUMMARY
For the Period July 1, 1983 to December 31, 2003
Investment
Activitv Revenues Earnings Expenditures Balance
Revenues during period:
- Initial Approp. - 7/1/83 $25,000,000.00
- Supplemental Approp. - FY91 4,314,313.00
- Rainy Day Fund - FY93 1,639,547.00
- Rainy Day Fund - FY94 4,358,209.00
- G.O. Bond Funds - FY94 5,000,000.00
- Proceeds from Ute Lawsuit - FY94 200,000.00
- Proceeds from Bond Sale - FY95 1,926,520.00
- Approp. (Sardis) - FY97 508,030.00
- Tar Creek Settlement and interest 94,137.69
- Approp. for Non-point Source Loans 3,500,000.00
Investment Earnings during period: *
Expenditures during period:
- Security for Bond Issues **
- Sardis Water Storage Contract <3,239,790.69>
- Research Studies/Tar Creek <634,242.97>
- Clean Water State Revolving Fund <16,387,879.53>
Loan Account
- Approp. for Non-point Source Loans <3,500,000.00>
Reapproriated
Totals $46,540,756.69 * $94,137.69
* This amount represents interest earnings on the SWDRF and escrowed funds which by law have been placed in the Water
Resources Fund-Grant Account.
** A portion of this amount was used to repay a note issuance. The amount currently held as collateral for State Loan
Program, CWSRF, and DWSRF note and bond issues that fund Financial Assistance Program water/wastewater loans for
Oklahoma communities and rural water systems is $19,984,633.89.
5
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OWRB FINANCIAL ASSISTANCE PROGRAMS
PROGRAM HISTORY AND ACCOMPLISHMENTS
The OWRB administers three loan programs and two grant programs that provide financial
assistance to Oklahoma communities. The State Loan Program, the Clean Water State Revolving
Fund Loan Program (the "Clean Water SRF"), and the Drinking Water State Revolving Fund Loan
Program (the "Drinking Water SRF") provide low interest loans to eligible entities for water and
wastewater infrastructure projects. The Emergency Grant Program and the Rural Economic Action
Plan Grant Program (the "REAP Grant Program") provide grants for emergency and rural
infrastructure projects.
Passed in 1979, Senate Bill215 fashioned the basic structure of the OWRB's State Loan Program.
This bill authorized the OWRB to issue revenue bonds and then make loans to Oklahoma
communities for water system improvements and expansions. The original program contained a
$1.5 million ceiling per project and was limited solely to water-related projects, such as
impoundments, distribution lines, treatment plants and storage tanks.
In 1980, the passage of HB 1710 amended the program by including sewage treatment plants as
eligible projects and authorized the OWRB to issue grants of up to $50,000 per entity per fiscal
year. The source of grant funding was intended to be legislative appropriations, however, no
funding was provided and thus no grants were actually made.
Senate Bill 145 (1982) contained several key provisions aimed at strengthening the state's
capability to meet water project financing needs. The legislation addressed several legal and
technical issues with the initial statutory language and removed the $1.5 million ceiling on each
project, thereby allowing the OWRB to loan money for medium and large-sized projects. SB 145
also added sewer collection and distribution facilities as eligible projects and created the Statewide
Water Development Revolving Fund (the "SWDRF"). The legislation provided that interest earnings
on the SWDRF could be used to finance Emergency Grants of up to $100,000 to eligible entities. In
view of the substantial budgetary surplus that year, a $25 million initial appropriation was made to
the SWDRF.
The Oklahoma Supreme Court ruled in 1984 that the use of the SWDRF as security and collateral
for bond issues would violate the Oklahoma Constitutional provisions against assuming debts and
loaning credit of the state. Therefore, State Question 581 was submitted to and approved by a vote
of the people at a special statewide election held on August 28, 1984. State Question 581
amended the Oklahoma Constitution to include a new Section 39 of Article 10 authorizing the
Financial Assistance Program without the Constitutional limits cited by the Supreme Court.
STATE LOAN PROGRAM
As authorized by Title 82 of the Oklahoma Statutes, Section 1085.31 et seq. (as amended), the
State Loan Program provides low interest rate loans from revenue bond proceeds to eligible entities
requesting financial assistance to construct water and/or sewer projects or to refinance existing
indebtedness related to water or sewer systems. Borrowers pledge to loan repayment water and/or
sewer system revenues or other forms of local revenues. Eligible entities include all political
subdivisions of the state, special purpose districts, public trusts and rural water and sewer districts.
How It Works
The OWRB issues a series of revenue bonds. The bond proceeds are utilized to make loans to
eligible entities. The loan repayments are collected by the OWRB's Trustee Bank and used to
make principal and interest payments on the bonds and to pay various program costs, including
liquidity facility providers, trustee bank fees, remarketing agent fees, and OWRB administrative
costs. Loans can be made in a variable interest rate mode or a fixed interest rate mode for terms of
up to thirty (30) years. The bonds are also secured by a combination of cash and surety policy
reserve funds that would be available for bond debt service in the event loan repayment revenues
are insufficient. The cash portion of the reserves are invested and the interest earnings are utilized
to fund the OWRB's Emergency Grant Program.
The OWRB's bond credit rating is based on the composite pool of all borrowers. The diversity of
many large and small borrowers allows for a bond rating higher than any single community could
achieve on its own. The State Loan Program is considered a "blind pool" bond program because
the exact composition of the pool is unknown at the time the bonds are issued by the OWRB. With
a "AA+" rating from Standard and Poor's Rating Services, the Oklahoma State Loan Program is the
highest rated blind pool program of its kind in the nation. Several other states have utilized the
Oklahoma State Loan Program as a model. See Figure One below.
Figure One - Basic Model of State Loan
Prn"r~m
Loans
~: Eligible Entities I Cash
OWRB State ~
Reserve Bond Security Loan Loan Repayments
Funds
..................................... ~
Program •.. 1
Eligible Entities I Revenue ...• "'1 I
Bonds
I •....1 Eligible Entities I
...• I t
Interest Eamings used for Emergency Grants
Standard and Poor's Rating Services, in upgrading the credit rating of the State Loan Program to
"AA+" from "AA" in June of 2003, cited strong reserve levels and continued solid management of
the State Loan Program. Since 1985, the OWRB has issued over $716 million in revenue bonds
through its State Loan Program and has never experienced a payment default on its local loans. As
of January 31, 2004, the OWRB has approved 291 loans in the aggregate principal amount of
$492,975,000 and funded 281 loans in the aggregate principal amount of $470,370,000.1 As of
January 31, 2004, there are 217 loans outstanding with an aggregate principal balance of
$282,409,999.96. The six-month variable interest rates are at all time lows of 1.67% to 1.80%. The
variable interest rate has averaged approximately 4.438% since 1986. Fixed interest rate loans
have assisted borrowers in locking in long-term debt service costs at lower interest rates because of
the State Loan Program's pooled credit strength. Including loans projected to be made from the
Series 2003A bond issue, use of the State Loan Program instead of issuing their own bonds has
saved Oklahoma Communities an estimated $122.7 million in debt service savinqs".
1. See Appendix E for a list of approvedand funded loansthrough the financial assistanceprograms.
2. Savingsare calculatedbasedon a comparisonof the cost of funds through the applicableOWRB
programand the cost of funds if the projectwere independentlyfinanced by the borrowers. Factors
considered includecommunitycredit ratingsand length of financing.
A-2
PROFILE: LEXINGTON PUBLIC WORKS AUTHORITY
The Lexington Public Works Authority borrowed money from the State Loan
Program in 1989 and 2002, in a total amount of $1.055 million. Lexington utilized
the funds to make improvements to its wastewater collection and treatment facilities.
The availability of the State Loan Program reduced the total project financing costs
by approximately $428,000; these cost savings translate to savings for each of
Lexington's approximately 850 customers of $1.88 per month.
PROFILE: CREEK COUNTY RURAL WATER DISTRICT #1
In 1994, Creek County Rural Water District #1, which serves the Kellyville area,
borrowed $2.255 million to construct a water treatment plant and make other
improvements to the District's drinking water system. The variable rate loan through
the State Loan Program has averaged 3.78% since origination and stands at 1.75%
as of January 31, 2004. The availability of the State Loan Program will reduce the
District's costs of financing by approximately $436,000 over the 15 year life of the
loan.
PROFILE: STILWELL AREA DEVELOPMENT AUTHORITY
With three different loans, the Stilwell Area Development Authority has borrowed
nearly $7.5 million from the State Loan Program and the Clean Water SRF since
1996 for several drinking water and wastewater system improvements. The
availability of these two programs will save Stilwell approximately $2.1 million over
the life of the three loans. The financial impact for Stilwell is a savings of $5.09 per
customer every month in reduced financing costs.
EMERGENCY GRANT PROGRAM
The OWRB's Emergency Grant Program has been extremely effective in rescuing the state's small
communities from financial crises posed by unforeseen disasters and imminent health hazards
which could not have been prevented by the exercise of reasonable care by the applicant. In many
instances, the grant program offers the only relief available to troubled communities and rural water
systems.
Since the program's inception in 1982, the OWRB has approved 504 Emergency Grants totaling
over $29.5 million to cities, towns, schools and rural water districts. 3 Every one of these grants was
funded at no additional cost to the State of Oklahoma. All emergency grants are funded by interest
earnings from the State Loan Program reserve fund and interest earnings on other monies in the
SWDRF. The availability of these Emergency Grants has saved Oklahoma Communities an
estimated $54.4 million in total debt service versus if these projects had instead been funded
through loans. The Emergency Grant program has directly stimulated economic development in the
state by playing an instrumental role in the construction of over $155 million worth of water and
wastewater projects.
3. See Appendix F for a list of approved and funded emergency grants through the financial assistance
programs.
A-3
CLEAN WATER SRF LOAN PROGRAM
The Clean Water SRF Loan Program provides below market interest rate loans to eligible entities
for wastewater infrastructure and other water quality projects. Title VI of the federal Clean Water
Act, adopted in 1987, established a clean water (wastewater) state revolving fund (the federal
"Clean Water State Revolving Fund") program. Under this program, each state is required to
establish a revolving fund administered by the state or an instrumentality of the state in order to
accept federal capitalization grants from the United States Environmental Protection Agency (the
"EPA") for eligible publicly-owned water quality projects. In order to qualify for such federal
capitalization grants, a state must pay into the revolving fund a matching amount (the "State Match")
equal to at least 20% of the amount of such grants. The state water pollution control revolving
funds are used to provide financial assistance to municipalities in connection with the construction,
rehabilitation, expansion or improvement of publicly owned systems for the storage, treatment,
recycling and reclamation of municipal sewage. Federal appropriations have continued to be made
annually to states for funding wastewater treatment projects even though the Clean Water Act has
expired by its terms and, as of this date, has not yet been reauthorized by Congress.
Following enactment of the laws creating the federal Clean Water State Revolving Fund Program,
legislation was adopted in the State in 1988 (HB 1914) establishing a complying program within the
State. Title 82 of the Oklahoma Statutes, Section 1085.51 et seq. (as amended), established the
Clean Water State Revolving Fund Loan Account within the State's Water Resources Fund to
implement Title VI of the federal Clean Water Act. This legislation designates the OWRB as the
state instrumentality to apply for and administer federal Clean Water State Revolving Fund
capitalization grants that are available through the federal Clean Water Act. Projects which are
eligible to be financed through the Clean Water SRF Program are generally limited to wastewater
system improvements or other water pollution control projects and refinancing debt incurred for
qualified wastewater system improvements.
Through and including the fiscal year 2004, the OWRB has made or will make available from
proceeds of capitalization grants and State Match approximately $227 million in Clean Water SRF
program assets to eligible entities for wastewater infrastructure improvements. In addition, on
August 15, 2001, the OWRB made available $26 million in leveraged funds for Clean Water SRF
interim construction loans to large communities from proceeds of its "AA" rated $28.89 million Clean
Water State Revolving Fund Interim Construction Loan Revenue Bonds, Series 2001. State Match
funds were provided through various appropriative mechanisms through 1993; beginning in 1994
through present date the OWRB has issued short-term revenue notes to fund the State Match
requirement. The revenue notes were repaid from Clean Water SRF loan interest income and
investment earnings. See Appendix C for a summary of the historical funding sources for the
Clean Water SRF Program.
How It Works
The OWRB receives federal capitalization grants, state matching funds, loan repayments, and any
bond issue proceeds to make loans to eligible entities at an interest rate approximately .equal to
60% of the prevailing market interest rate for a term of up to twenty (20) years following completion
of construction. As principal and interest on each loan is repaid, the proceeds are "revolved" or re-loaned
to new borrowers.
The OWRB has historically utilized a dual funding strategy for eligible borrowers. "Large
Communities" of over 10,000 population have received interim construction loans at a low fixed
interest rate. Upon completion of construction, the borrower would refinance the loan with a loan
from the State Loan Program and an interest-free loan from the Clean Water SRF. The resulting
blend of interest rates equaled approximately 60% of the prevailing market interest rates, and
allowed large communities the flexibility to choose either variable or fixed interest loans from the
A-4
State Loan Program, while quickly returning funds to the Clean Water SRF so more funds would be
available for new projects. "Small Communities" of less than 10,000 population receive a single
long-term loan at a fixed or variable rate equal to 60% of the prevailing market interest rates. See
Figure Two below.
Figure Two - Basic Model of Clean Water SRF Loan Program
Loans ••.1
Eligible Entities I .~ OWRB ~ •..,
~
Loan Repayments ,
Clean
WaterSRF ~ ••....,, Eligible Entities I
Loan ....• ,
.~ Program •.., ...• •.., Eligible Entities I ....•
I
EPA
Cap .
Grants
As of January 31,2004, the OWRB has approved 151 Clean Water SRF loans in the aggregate
principal amount of $501,828,716.99 and funded 145 loans in the aggregate principal amount of
$495,145,936.19.4 As of January 31,2004, there are 115 Clean Water SRF loans outstanding with
an aggregate principal balance of $168,633,890.11. Since program inception, the average fixed
interest rate for Clean Water SRF Loans has been approximately 2.78%. Use of the Clean Water
SRF program instead of issuing their own bonds has saved Oklahoma Communities an estimated
$123.2 million in debt service savings.
PROFILE: STILLWATER UTILITIES AUTHORITY
In 2001, the Stillwater Utilities Authority obtained a $20.3 miliion .C..lean Water SRF
interim construction loan to make substantial upgrades and 'additions to their
wastewater treatment capacity. Stillwategalsq obtained an $8.5 million Drinking
Water SRF interim construction loan in 2000 to upgrade its drinking water treatment
facilities. Upon final refinancings of both projects (utllizinq'the State Loan Program
blended with zero interest SRF loans) the Stillwater Utilities Authority will have
locked in over $16 million in debt service savings for the Authority's nearly 13,000
customers. This equates to approximately $2.96 in savings every month for each
customer; without the Clean Water SRFi and Drinking Water SRF, Stillwater
customers would have had to pay approximately $35.52 more on their water and
sewer bills every yearfor 20 years to pay the additional $16 million cost offinancing
the projects.
PROFILE: SULPHUR MUNICIPAL AUTHORITY
The Sulphur Municipal Authority recently completed a project to re'placesewer lines
in and around the city funded with a $1 million Cleal) Water SRF loan. The use of
the Clean Water SRF saved the Authority approximately $727,000 in project
financing costs. Each of Sulphur's 2,30q customers would have to pay $1.19 per
month more for 20 years to complete the project had the Clean Water SRF not been
available. . "
State
Match
Funds
4. See Appendix E for a list of approved and funded loans through the financial assistance programs.
A-5
PROFILE: TULSA METROPOLITAN UTILITY AUTHORITY
The Tulsa Metropolitan Utility Authority has been a consistent borrower throug/1 the
OWRB's Clean Water SRF and State Loan Programs. Since 1990, tne OWRB has
made 29 loans to Tulsa totaling over $228 million; the OWRB anticipates closing'!an
additional $32 million in February 2004. Under the Clean Water SRE program
alone, Tulsa has funded over $118million in new ccmstru2tion. The nets~yings for
Tulsa are now approaching $50 mfllion. " .
DRINKING WATER SRF LOAN PROGRAM
The Drinking Water SRF Loan Program provides below market interest rate loans to eligible entities
for drinking water infrastructure projects. Amendments to the federal Safe Drinking Water Act
effective in 1996 established a safe drinking water revolving fund (the federal "Safe Drinking Water
State Revolving Fund") program. Under this program, each state is required to establish a revolving
fund administered by the state or an instrumentality of the state in order to accept EPA federal
capitalization grants for eligible drinking water projects. In order to qualify for such federal
capitalization grants, a state must pay into the revolving fund a matching amount (also "State
Match") equal to at least 20% of the amount of such grants. State drinking water revolving fund
loans serve to protect the public health and to achieve compliance with the federal Safe Drinking
Water Act. The state drinking water revolving funds are used to provide financial assistance to
publicly owned or privately owned water systems in connection with the planning, design,
development, construction, repair, extension, improvement, remodeling, alteration, rehabilitation,
reconstruction or acquisition of all or a portion of a public water system.
Following enactment of the laws creating the federal Safe Drinking Water State Revolving Fund
program, legislation was adopted in the State in 1994 (HB 2426) establishing a complying program
within the State. Title 82 of the Oklahoma Statutes, Section 1085.71 et seq. (as amended),
established the Drinking Water Treatment Revolving Loan Account within the State's Water
Resources Fund to implement the 1996 amendments to the federal Safe Drinking Water Act. This
legislation designates the duties of the Oklahoma Water Resources Board and the Oklahoma
Department of Environmental Quality ("DEQ") with respect to this program. Each year, the OWRB
and the DEQ enter into an Inter-Agency Agreement setting forth the duties and roles of each
agency with respect to the program. Projects which are eligible to be financed through the Drinking
Water SRF Program are generally limited to drinking water system improvements and refinancing
debt incurred for qualified public drinking water system improvements.
Through and including the fiscal year 2004, the OWRB has made or will make available from
proceeds of capitalization grants and State Match approximately $100 million in Drinking Water
SRF program assets to eligible entities for drinking water infrastructure improvements. In addition,
on October 29,2003, the OWRB made available over $115 million in leveraged funds and $10
million in State Match funds for Drinking Water SRF loans from proceeds of its "AAA" rated $122.91
million Revolving Fund Revenue Bonds, Series 2003 (Master Trust). State Match funds were
provided through various appropriative mechanisms from 1997 to 1999; and the OWRB utilized
short term revenue notes (repaid from Drinking Water SRF interest income and investment
earnings) to provide the 2000 State Match. The 2001 through 2004 State Match funds were
provided through the Master Trust bond issue. See Appendix D for a summary of the historical
funding sources for the Drinking Water SRF Program.
How It Works
The OWRB receives federal capitalization grants, state matching funds, loan repayments, and any
bond issue proceeds to make loans to eligible entities at an interest rate approximately equal to
A-6
70% of the prevailing market interest rate on its Master Trust bond issue for a term of up to twenty
(20) years following completion of construction.
Until the issuance of its Master Trust bonds, the OWRB has historically utilized the same dual
funding strategy as used by the Clean Water SRF. However, due to demand for loans far outpacing
the availability of capitalization grant and State Match funds, the OWRB has "leveraged" its Drinking
Water SRF program by issuing bonds secured by loan repayments and a large reserve fund
comprised of various program assets including capitalization grant funds. The bonds are issued at
market rate, but the earnings from the reserve fund allow the OWRB to make loans below market
rate. The reserve fund earnings effectively subsidize the interest rate for each borrower. As the
bonds are retired, a portion of the reserve fund and any excess loan repayments are released out of
the bond trust estate back to the Drinking Water SRF where they can be used for new loans or be
pledged as reserve to future bond issues. All loans are now made as fixed interest rate loans for
approximately 20 years. As of January 31, 2004, the established interest rate is 3.0%, effective
until all proceeds of the 2003 Master Trust bonds are obligated. A new interest rate will be
established at the time of a new bond issuance. See Figure Three below.
Figure Three - Basic Model of Leveraged Drinking Water SRF Loan Program
EPA Loans I
OWRB Bond Revolving "'1 Eligible Entities I Cap ......~ Security ...•
Drinking ......................... ~ Fund ....•
Grants Loan Repayments I
Water Revenue ~lEligible Entities I SRF Bonds ...•
Loan (Master
....•
State
Match ......~ Program 1'1II:....................... Trust)
Released •..: Eligible Entities I
Funds ...•
Funds
As of January 31,2004, the OWRB has approved 36 Drinking Water SRF loans in the aggregate
principal amount of $136,113,599.74 and funded 29 loans in the aggregate principal amount of
$77,569,428.14.5 As of January 31,2004, there are 25 Drinking Water SRF loans outstanding with
an aggregate principal balance of $40,213,587.68. Including loans projected to be made from the
2003 Master Trust bond issue, use of the Drinking Water SRF program instead of issuing their own
bonds has saved Oklahoma Communities an estimated $53.8 million in debt service savings.
PROFILE: BARTLESVILLE MUNICIPAL AUTHORI1BY
The OWRB recently approved the largest loan in its history for $45.5 million to the
Bartlesville Municipal Authority. The Drinking Water SRF loan will bear a fixed
interest rate of 3.0% for the 20 year life of the loan and will finance a new 26 million"
gallon per day drinking water treatment plant that will ultimately serve the City of
Bartlesville and numerous surrounding communities including Dewey, Ramona,
Ochelata, and rural water districts in Washington and Osage Counties. Not only will
the use of the Drinking Water SRF save the City and surrounding communities over
$13 million in finance costs, but the regional treatment plant will result in much
higher quality drinking water at much lower costs than' many of the surrounding
communities could afford on their own. w!'J;uiiin;ilii1i:
5. See Appendix E for a list of approved and funded loans through the financial assistance programs.
A-7
PROFILE: DUNCAN PUBLIC UTILITIES AUTHORITY
The Duncan Public Utilities Authority has financed over $20 million in construction
improvements to its wastewater treatment and collection system through the State
Loan Program and the Clean Water SRF. Use of the OWRB's financial assistance
programs has already reduced the total financing costs for Duncan ratepayers by
$4.6 million, a savings of $1.62 per customer every month. Now, in order to meet
new regulations for drinking water quality related to turbidity and tri-halomethanes,
Duncan has turned to the Drinking Water SRF. The $10 million Duncan has
requested for FY 2005 will reduce the total financing costs by approximately $3.2
million; this will result in additional savings to Duncan ratepayers of $1.16 per
customer every month.
REAP GRANT PROGRAM
In 1996, the Oklahoma Legislature initiated the REAP Grant Program. The OWRB's REAP Grant
Program has been extremely effective in providing funds for water and wastewater projects in the
state's small rural communities by awarding grants up to $150,000. The program has been funded
with annual appropriations made available by the Legislature.
Since the program's inception in 1997, the OWRB has approved 387 REAP Grants totaling $33.5
million to cities, towns, schools and rural water districts. The availability of these REAP Grants has
saved Oklahoma Communities an estimated $61.7 million in total debt service versus if these
projects had instead been funded through loans. The REAP Grant program has directly stimulated
economic development in the state by playing an instrumental role in the construction of over $60
million worth of water and wastewater projects.
A-8
APPENDIX 8
Sardis Reservoir Payment History
SARDIS RESERVOIR UNPAID INVOICES
Payment # Period Amount Invoiced
7 1/7/89-1/6/90 $458,633.44
8 1/7/90-1/6/91 $464,568.99
9 1/7/91-1/6/92 $479,965.60
10 1/7/92 -1/6/93 $480,731.24
11 1/7/93-1/6/94 $472,842.47
12 1/7/94-1/6/95 $540,891.30
13 1/7/95-1/6/96 $512,847.28
16 1/7/98-1/6/99 $1,130,015.63
17 1/7/97 -1/6/00 $1,058,040.93
18 1/7/00-1/6/01 $1,056,131.99
19 1/7/01-1/6/02 $1,079,119.62
20 1/7/02-1/6/03 $1,084,205.71
21 1/7/03-1/6/04 $1,074,123.69
Historical Funding Sources
Oklahoma Clean Water State Revolving Fund
As of January 31, 2004
Fiscal Federal Cap Grant State Match Bond Issue Less 4% Total Available For
Year Amount Amount Over Match Amount Proceeds Notes Administration Assistance
1988 $9,278,000.00 $1,855,600.00 $0.00 $0.00 (1) $371,120.00 $10,762,480.00
1989 $7,597,400.00 $1,519,480.00 $0.00 $0.00 (2) $303,896.00 $8,812,984.00
1990 $7,862,000.00 $1,572,400.00 $0.00 $0.00 (3) $314,480.00 $9,119,920.00
1991 $16,580,619.00 $3,316,123.80 $0.20 $0.00 (3) $663,224.76 $19,233,518.24
1992 $15,697,737.00 $3,139,547.40 $0.60 $0.00 (4) $627,909.48 $18,209,375.52
1993 $15,528,546.00 $3,105,709.20 -$0.20 $0.00 (5) $621,141.84 $18,013,113.16
1994 $9,632,600.00 $1,926,520.00 $0.00 $0.00 (6) $385,304.00 $11,173,816.00
1995 $9,951,183.00 $1,990,236.60 $0.40 $0.00 (7) $398,047.32 $11,543,372.68
1996 $16,300,350.00 $3,260,070.00 -$1.00 $0.00 (7,8) $652,014.00 $18,908,405.00
1997 $4,986,100.00 $997,220.00 $21,450.00 $0.00 (8) $199,444.00 $5,805,326.00
1998 $10,879,110.00 $2,175,822.00 $8,644.94 $0.00 (9) $435,164.40 $12,628,412.54
1999 $10,880,001.00 $2,176,000.20 $105,646.80 $0.00 (10) $435,200.04 $12,726,447.96
2000 $10,996,702.00 $2,199,340.40 $82,990.54 $0.00 (11) $439,868.08 $12,839,164.86
2001 $10,746,747.00 $2,149,349.40 $677.89 $0.00 (12) $429,869.88 $12,466,904.41
2002 $10,770,705.00 $2,154,141.00 $0.00 $26,000,000.00 (12,13) $430,828.20 $38,494,017.80
2003 $10,700,712.00 $2,140,142.40 (14) $428,028.48 $12,412,825.92
2004 $10,700,712.00 $2,140,142.40 (15) $428,028.48 $12,412,825.92
Totals $189,089,224.00 $37,817,844.80 $219,410.17 $26,000,000.00 $7,563,568.96 $245,562,910.01
Notes:
1 FY 1988 state match appropriated by the legislature from the Statewide Water Development Revolving Fund. - 7/30/88, H.B. 1571
2 FY 1989 state match appropriated by the legislature from the Statewide Water Development Revolving Fund. - 4/26/89, S.B. 51
3 FYs 1990 and 1991 state matches appropriated by the legislature from the Special Cash Fund. - 3/20/91, S.B. 144
4 $2,892,047 of FY 1992 state match appropriated by the legislature from the Constitutional Reserve Fund. - 5/28/93, S.B. 390; $200,000 in state match provided by Ute
settlement - State of New Mexico and $47,501 in state match provided from OWRB grant account.
5 FY 1993 state match appropriated by the legislature from the Constitutional Reserve Fund. - 5/18/94, H.B. 2761
6 OVVRB issued its $1,950,000 SRF Program Notes, Series 1994 on October 25,1994. The Series 1994 Notes were paid from monies in the Debt Service Reserve Fund for the
Board's 1985 State Loan Program Bonds.
7 OWRB issued its $4,050,000 CVVSRF Revenue Notes, Series 1996 on May 22,1996. The Series 1996 Notes were paid from investment and interest earnings on CVVSRF
accounts and repayments on the Guymon and Ketchum State Loan Program Bond loans. $1,990,237 went toward meeting the FY 1995 state match and $2,018,545 toward the
FY 1996 state match.
8 OWRB issued its $2,275,000 CVVSRF Revenue Notes, Series 1997 on June 26, 1997. The Series 1997 Notes were paid from investment and interest earnings on CVVSRF
accounts and repayments on the Guymon and Ketchum State Loan Program Bond loans. $1,241,524 went toward meeting the FY 1996 state match and $1,018,670 toward the
FY 1997 state match.
9 OWRB issued its $2,200,000 CVVSRF Revenue Notes, Series 1998 on June 25,1998. The Series 1998 Notes were paid from investment and interest earnings on CVVSRF
accounts and repayments on the Guymon and Ketchum State Loan Program Bond loans.
10 OWRB issued its $2,300,000 CVv'SRF Revenue Notes, Series 1999 on February 15, 1999. The Series 1999 Notes were paid from investment and interest earnings on CVVSRF
accounts and repayments on the Guymon and Ketchum State Loan Program Bond loans.
11 OWRB issued its $2,300,000 CVVSRF Revenue Notes, Series 2000 on June 22, 2000. The Series 2000 Notes were paid from investment and interest earnings on CVVSRF
accounts and repayments on the Guymon and Ketchum State Loan Program Bond loans.
12 OWRB issued its $4,345,000 CVVSRF Revenue Notes, Series 2001 on April 11, 2001. The Series 2001 Notes were paid from investment and interest earnings on C'NSRF
accounts. $2,149,349.40 went toward meeting the FY 2001 state match and $2,154,141.00 went toward meeting the FY 2002 state match.
13 OWRB issue it $28,890,000 CVv'SRF Interim Construction Loan Revenue Bonds, Series 2001, on August 15, 2001. The Series 2001 Bonds are to be paid from prinicipal and
interest payments made on CVv'SRF loans made from bond proceeds.
14 NOT YET AVAILABLE. OWRB anticipates meeting its 2003 state match requirement through a future bond or note issuance.
15 NOT YET AVAILABLE. The FY 2004 Capitalization Grant Award amount is estimated. OWRB anticipates meeting its 2004 state match requirement through a future bond or
note issuance.
APPENDIX D
Drinking Water SRF
Funding Source History
Historical Funding Sources
Oklahoma Drinking Water State Revolving Fund
As of January 31, 2004
Fiscal Federal Cap State Match Over Match Bond Issue Total Available
Year Grant Amount Amount Amount Proceeds Notes Less Set-Asides For Assistance
1997 $17,561,900.00 $3,512,380.00 $0.00 $0.00 (1) $3,811,608.00 $17,262,672.00
1998 $10,224,200.00 $2,044,840.00 $0.00 $0.00 (2) $2,031,398.00 $10,237,642.00
1999 $10,716,000.00 $2,143,200.00 $0.00 $0.00 (3) $979,258.00 $11,879,942.00
2000 $11,137,000.00 $2,227,400.00 $386,227.30 $0.00 (4) $0.00 $13,750,627.30
2001 $11,183,000.00 $2,236,600.00 $0.00 $0.00 (4,5,6) $2,247,253.00 $11,172,347.00
2002 $12,446,500.00 $2,489,300.00 $0.00 $0.00 (6) $3,236,090.00 $11,699,710.00
2003 $12,371,700.00 $2,474,340.00 $0.00 $0.00 (6) $2,845,492.00 $12,000,548.00
2004 $12,371,700.00 $2,474,340.00 $325,420.00 $115,327,403.16 (6,7) $2,845,492.00 $127,653,371.16
Totals $98,012,000.00 $19,602,400.00 $711,647.30 $115,327,403.16 $17,996,591.00 $215,656,859.46
Notes:
1 $3,500,000 of FY 1997 state match appropriated by the legislature from the Constitutional Reserve Fund and $12,380 transferred from OWRB grant
account. - 6/12/98, S.B. 965
2 $2,000,000 of FY 1998 state match appropriated by the legislature from the Constitutional Reserve Fund and $44,840 transferred from OWRB grant
account. - 6/08/99, H.B. 1565
3 FY 1999 State match appropriated by the legislature from the gross production tax. - 6/09/00, H.B. 2272
4 OWRB issued its $4,480,000 DWSRF Revenue Notes, Series 2001 on April 11, 2001. The Series 2001 Notes were paid from investment and interest
earnings on DWSRF accounts and repayments on the Guymon and Ketchum FAP Bond loans. $2,227,400 went toward meeting the FY 2000 state match
and $2,236,600 toward the FY 2001 state match (see Note 5).
5 OWRB defeased the remaining Series 2001 Notes allocable to the FY 2001 state match requirement and provide the FY 2001 state match requirement
through the Series 2003 DWSRF Bonds
6 OWRB issued its $122,910,000 Revolving Fund Revenue Bonds, Series 2003 (Master Trust) on October 29,2003. The Series 2003 DWSRF Bonds are
paid from principal and interest repayments on pledged loans and investment income on accounts held in the trust estate. The Series 2003 DWSRF Bonds
provided $10 million to meet the state match requirement for FY 2001,2002,2003, and 2004. The Series 2003 DWSRF Bonds also provided $115 million in
additional funds for DWSRF loans.
7 The FY 2004 Capitalization Grant Award amount is estimated.
APPENDIX E
OWRB Financial Assistance Programs
Approved and Funded Loans
OWRB 02/05/2004 OKLAHOMA WATER RESOURCES BOARD
LOAN PROGRAM
APPLICATIONS APPROVED AND FUNDED
INTEREST TYPE PAGE 1
FIXED (F)
BLENDED (B)
CONVERTED (C) RATABLE(R) BOND DATE DATE
APPLICANT COUNTY PROJECT DESCRIPTION LOAN AMOUNT VARIABLE (V) NONRATABLE(N)@ SERIES APPROVED FUNDED
1. RWD #2' ROGER MILLS WATER SYSTEM IMPROVEMENTS $165,000.00 F N 1985 01/14/1986 05/14/1986
2. GUYMON UA TEXAS SEWAGE TREATMENT SYSTEM $1,150,000.00 F N 1985 03/11/1986 08/28/1986
3. HEAVENER UA* LEFLORE WATER & SEWER SYSTEM $2,200,000.00 F N 1985 03/11/1986 04/14/1988
IMPROVEMENTS
4. KETCHUM PWA* CRAIG WATER STORAGE TANK $170,000.00 F N 1985 10/14/1986 04/30/1987
5. APACHE PWA* CADDO REFINANCE EXISTING DEBT ON $710,000.00 V R 1986A 01/13/1987 03/11/1987
WATER & SEWER SYSTEMS
6. MARIETTA PWA LOVE REFINANCE INTERIM FINANCING $550,000.00 V R 1986A 02/10/1987 OS/29/1987
FOR SEWAGE TREATMENT SYSTEM
7. RWD #11' OSAGE NEW WATER SUPPLY & $285,000.00 V N 1986A 02/10/1987 02/25/1988
DISTRIBUTION SYSTEM
8. KIOWA PWA* PITTSBURG WATER SUPPLY & TREATMENT PLANT $145,000.00 V R 1986A 04/14/1987 11/19/1987
IMPROVEMENTS
I
9. MORRIS PWA OKMULGEE SEWAGE SYSTEM EXTENSION & $165,000.00 V R 19B6A 04/14/1987 OS/29/1987
IMPROVEMENTS
10. SALINA PWA' MAYES SEWAGE TREATMENT PLANT $50,000.00 V R 1986A 04/14/1987 12/29/1987
IMPROVEMENTS
11. RWD #1' LEFLORE REFINANCE SHORT-TERM WATER $95,000.00 V R 1986A 05/12/1987 06/14/1988
SYSTEM LOANS
12. SPENCER VA* OKLAHOMA UPGRADE & IMPROVE EXISTING $210,000.00 V R 1986A 06/09/1987 11/30/1987
SEWER SYSTEM
INTEREST TYPE PAGE 2
FIXED (F)
BLENDED (B)
CONVERTED (C) RATABLE(R) BOND DATE DATE
APPLICANT COUNTY PROJECT DESCRIPTION LOAN AMOUNT VARIABLE (V) NONRATABLE(N)@ SERIES APPROVED FUNDED
U. WAKITA UA* GRANT REFINANCE EXISTING DEBT & $335,000.00 V N 1986A 06/09/1987 09/08/1988
COMPLETE WATER SYSTEM
IMPROVEMENTS
14. CHELSEA EDA * ROGERS WATER & SEWER SYSTEM $500,000.00 V R 1986A 07/14/1987 12/01/1987
IMPROVEMENTS
15. RWD #4 * KAY PURCHASE WATER DISTRIBUTION $135,000.00 V R 1986A 07/14/1987 12/20/1988
SYSTEM FROM KAW WATER, INC.
16. LEEDEY PWA DEWEY REFINANCE EXISTING DEBT & $325,000.00 V N 1986A 08/11/1987 10/13/1987
REFURBISH WATER TOWER
17. WELEETKA PWA OKFUSKEE WATER TREATMENT PLANT $190,000.00 V R 1986A 08/11/1987 09/07/1988
IMPROVEMENTS
18. STERLING PWA*· COMANCHE REFINANCE EXISTING DEBT ON $115,000.00 V R 1986A 09/08/1987 04/29/1988
SEWER SYSTEM
19. LONE WOLF PWA KIOWA REFINANCE EXISTING DEBT ON $200,000.00 V R 1986A 10/13/1987 07/18/1989
WATER SYSTEM
20. CACHE PWA COMANCHE REFINANCE EXISTING DEBT ON $710,000.00 V R 1986A 11/10/1987 12/01/1987
WATER & SEWER SYSTEM
21. MORRISON PWA NOBLE REFINANCE EXISTING DEBT ON $320,000.00 V R 1986A 11/10/1987 07/27/1989
WATER SYSTEM & CONSTRUCT
SEWAGE TREATMENT LAGOONS
22. YALE WATER & SEWAGE TRUST PAYNE REFINANCE EXISTING DEBT ON $820,000.00 V R 1986A 11/10/1987 06/09/1988
WATER SYSTEM
23. NICHOLS HILLS MA* OKLAHOMA WATER & SEWER SYSTEM $2,940,000.00 V R 1986A 01/12/1988 05/13/1988
IMPROVEMENTS
24. RWD #1* OSAGE REFINANCE FMHA LOAN & COMPLETE $190,000.00 V R 1986A 02/09/1988 07/07/1988
WATER SYSTEM IMPROVEMENTS
INTEREST TYPE PAGE 3
FIXED (F)
BLENDED (B)
CONVERTED (C) RATABLE (R) BOND DATE DATE
APPLICANT COUNTY PROJECT DESCRIPTION LOAN AMOUNT VARIABLE (V) NONRATABLE(N)@ SERIES APPROVED FUNDED
25. RWD #3* KAY WATER SYSTEM IMPROVEMENTS $40,000.00 V R 1986A 03/08/1988 05/10/1988
26. FREEDOM MA WOODS CONSTRUCTION OF NEW WATER LINES $80,000.00 V R 1986A 04/12/1988 06/13/1988
27. SULPHUR MA* MURRAY RENOVATION OF EXISTING SEWAGE $725,000.00 V R 1986A 04/12/1988 OS/24/1989
TREATMENT PLANT
28. RW,S,G,& SWMD #4* WAGONER PURCHASE GREEN COUNTRY UTILITY $380,000.00 V R 1986A 07/12/1988 12/09/1988
CO
29. SAND SPRINGS MA* TULSA WATER TRANSMISSION LINE TO $11,405,000.00 V R 1986A 09/14/1988 01/26/1989
SKIATOOK LAKE
30. SAPULPA MA* CREEK WATER TRANSMISSION LINE TO $7,250,000.00 V R B86A 09/14/1988 01/26/1989
SKIATOOK LAKE
31. TALIHINA PWA LEFLORE WATER SYSTEM IMPROVEMENTS $605,000.00 V N 1986A 09/14/1988 03/01/1989
32. RWD #3 MAYES REFINANCE INTERIM LOAN $290,000.00 V R 1986A 10/11/1988 11/04/1988
33. RWD #6 MAYES REFINANCE INTERIM LOAN $500,000.00 V R 1986A 10/11/1988 11/04/1988
34. LEXINGTON PWA CLEVELAND WATER & SEWER SYSTEM $335,000.00 V R 1986A· 12/13/1988 02/13/1989
IMPROVEMENTS
35. RWD #1 (LONGTOWN) PITTSBURG REFINANCE EXISTING DEBT $560,000.00 V R 1986A 12/13/1988 12/20/1988
36. TEXHOMA PWA TEXAS REFINANCE DEBT & SEWER STSTEM $300,000.00 V R 1986A 12/13/1988 01/31/1989
.IMPROVEMENTS
37. GRANDFIELD PWA TILLMAN WATER TRANSMISSION LINE $115,000.00 V R 1986A 01/10/B89 07/18/1989
38. PORUM PWA MUSKOGEE REFINANCE EXISTING DEBT $730,000.00 V R 1986A 01/10/1989 02/13/1989
39. GERONIMO PWA COMANCHE REFINANCE FMHA LOANS $285,000.00 V R 1986A 02/14/1989 03/07/1989
40. PORTER PWA WAGONER REFINANCE FMHA LOANS $300,000.00 V R 1986A 02/14/1989 03/09/1989
INTEREST TYPE PAGE 4
FIXED(F)
BLENDED (B)
CONVERTED (C) RATABLE (R) BOND DATE DATE
APPLICANT COUNTY PROJECT DESCRIPTION LOAN AMOUNT VARIABLE (V) NONRATABLE(N)@ SERIES APPROVED FUNDED
41. PVIA LEFLORE REFINANCE FMHA DEBT & WATER $2,210,000.00 V R 1986A 02/14/1989 03/09/1989
SYSTEM IMPROVEMENTS
42. RWD #12* OSAGE NEW WATER DISTRIBUTION SYSTEM $45,000.00 V N 1986A 03/14/1989 07/24/1989
43. TUTTLE PWA * GRADY WATER TRANSMISSION LINE & $460,000.00 V R 1986A 03/14/B89 06/29/1989
SEWAGE LIFT STATION
44. RWD #1 GARVIN REFINANCE FMHA LOANS $445,000.00 V R 1986A 04/20/1989 07/28/1989
45. RWD #1 WOODWARD REFINANCE FMHA LOANS $235,000.00 V R 1986A 04/20/1989 05/05/1989
46. RWD #3 CUSTER REFINANCE FMHA LOANS $550,000.00 V R 1986A 04/20/1989 05/05/1989
47. RWD #5 LEFLORE REFINANCE FMHA LOANS $275,000.00 V R 1986A 04/20/1989 07/28/1989
48. WAURIKA PWA* JEFFERSON WATER & SEWER SYSTEM $1',700,000.00 V R 1986A 06/13/1989 07/31/1989
IMPROVEMENTS
49. DUKE MA JACKSON REFINANCE FMHA LOANS $200,000.00 V R 1989 09/12/1989 03/21/1990
50. LUGERT-ALTUS JACKSON IRRIGATION CHANNEL IMPROVEMENTS $1,400,000.00 F R 1989 09/12/1989 09/04/1990
5l. WARNER UA MUSKOGEE WATER INTAKE STRUCTURE $240,000.00 F R 1989 02/13/1990 07/02/1990
52. RWD #2 HUGHES REFINANCE INTERIM BANK LOANS $520,000.00 V R 1989 05/08/1990 06/20/1990
53. MOORE PWA* CLEVELAND WATER & SEWER IMPROVEMENTS $2,675,000.00 F R 1989 06/12/1990 06/05/1991
54. RINGLING MA JEFFERSON SEWER LINE CONSTRUCTION & $420,000.00 V R 1989 06/12/1990 12/28/1990
REFINANCE FMHA LOANS
55. FARGO UA ELLIS WATER & SEWER IMPROVEMENTS $125,000.00 V R 1989 07/16/1990 10/11/1990
56. NEWKIRK MA KAY SEWAGE LAGOON SYSTEM $915,000.00 V R 1989 07/16/1990 09/23/1990
57. RW,S,& SWMD #1 LOGAN WATER SYSTEM EXTENSION $155,000:00 V R 1989 07/16/1990 04/26/1991
INTEREST TYPE PAGE 5
FIXED (F)
BLENDED (B)
CONVERTED (C) RATABLE (R) BOND DATE DATE
APPLICANT COUNTY PROJECT DESCRIPTION LOAN AMOUNT VARIABLE (V) NONRATABLE(N)@ SERIES APPROVED FUNDED
58. TULSA MUA* TULSA WESTBANK INTERCEPTOR PROJECT $11,100,000.00 F CWSRF 07/16/1990 08/15/1990
59. VICI PWA* DEWEY SEWAGE LAGOON SYSTEM $190,000.00 V R 1989 07/16/1990 11/29/1990
60. MARIETTA PWA LOVE PURCHASE PROVATE WATER SYSTEM $285,000.00 V R 1989 08/14/1990 04/12/1992
& EXTEND WATER SERVICE
61. PITTSBURG COUNTY WA* PITTSBURG WATERLINE IMPROVEMENTS, NEW $1,055,000.00 V R 1989 08/14/1990 12/21/1990
CLARIFIER, AND REFINANCE
EXISTING DEBT
62. RWD #2* OTTAWA WATER SYSTEM IMPROVEMENTS $215,000.00 V R 1989 08/14/1990 01/25/1991
63. RW,S,&SWMD #4 CANADIAN REFINANCE FMHA LOANS $450,000.00 V R 1989 09/12/1990 11/28/1990
64. WISTER PWA* LEFLORE REFINANCE EXISTING DEBT $165,000.00 V N 1989 09/12/1990 01/08/1991
65. CLEO SPRINGS PWA MAJOR CONSTRUCT TOTAL RETENTION $145,000.00 V R 1989 10/09/1990 01/30/1991
LAGOON SYSTEM, LIFT STATION,
AND REFINANCE EXISTING DEBT
66. CACHE PWA COMANCHE SEWER LINE REPLACEMENT $105,000.00 V R 1989 12/11/1990 03/26/1991
67. HALL PARK MA* CLEVELAND WASTEWATER SYSTEM IMPROVEMENTS $180,000.00 V R 1989 01/08/1991 07/23/1991
68. ELGIN PWA COMANCHE SEWAGE LAGOON, WATER TOWER, $520,000.00 V R 1989 03/12/1991 09/06/1991
AND REF.INANCE EXISITNG DEBT
69. RWD #12 LEFLORE REFINANCE INTERIM BANK LOANS $200,000.00 V N 1989 03/12/1991 03/25/1991
70 ..TULSA MUA* TULSA SEWAGE TREATMENT PLANT $15,559,500.00 F CWSRF 03/12/1991 07/08/1991
EXPANSION
71. APACHE PWA CADDO REFINANCING $590,000.00 F R 1989 05/06/1991 06/05/1991
72. HARRAH PWA* OKLAHOMA WATER SYSTEM IMPROVEMENTS $1,150,000.00 F R 1989 05/06/1991 07/16/1991
INTEREST TYPE PAGE 6
FIXED (F)
BLENDED (B)
CONVERTED (C) RATABLE (R) BOND DATE DATE
APPLICANT COUNTY PROJECT DESCRIPTION LOAN AMOUNT VARIABLE (V) .NONRATABLE (N)@ SERIES APPROVED FUNDED
73. ARAPAHO PWA CUSTER WATER STORAGE TANK $130,000.00 V R 1989 06/11/1991 11/26/1991
74. CALUMET PWA* CANADIAN INTERIM FINANCING FOR SEWER $345,000.00 V N 1989 06/11/1991 08/30/1991
PROJECT
75. POCOLA MA LEFLORE REFINANCING & SEWAGE TREATMENT $270,000.00 V R 1989 06/11/1991 06/28/1991
IMPROVEMENTS
76. RW,S,&SWMD #3 LOGAN REFINANCING & WATER SYSTEM $2,650,000.00 V R 1989 06/11/1991 06/28/1991
IMPROVEMENTS
77. DAVIS MA MURRAY SEWER SYSTEM IMPROVEMENTS $450,000.00 V R 1989 08/13/1991 09/25/1991
78. GARBER MA GARFIELD ROCK-REED FILTER SYSTEM, $145,000.00 F R 1989 08/13/1991 01/28/1992
DIKING & PIPING MODIFICATION
79. DEWEY PWA WASHINGTON WATER DISTRIUTION SYSTEM $255,000.00 V R 1989 09/10/1991 12/17/1991
IMPROVEMENTS
80. PONCA CITY UA* KAY WASTEWATER PLANT CONSTRUCTION $750,000.00 V R 1989 09/10/1991 09/25/1991
DESIGN
8l. NICHOLS HILLS MA OKLAHOMA REFINANCE 1988 OWRB LOAN $2,750,000.00 F R 1989 10/16/1991 12/03/1991
82. EL RENO MA* CANADIAN WATER LINE CONSTRUCTION $515,000.00 V R 1989 11/12/1991 12/17/1991
83. FAIRVIEW UA MAJOR WASTEWATER RETENTION LAGOONS $550,000.00 V R 1989 11/12/1991 04/15/1992
84. GUYMON UA* TEXAS SRF INTERIM CONSTRUCTION LOAN $300,000.00 F CWSRF 12/17/1991 12/20/1991
85. PAULS VALLEY MA GARVIN REFINANCE FMHA LOANS $7,335,000.00 F R !!I89 12/17/1991 01/28/1992
86. RWD #1 GARFIELD WATER SYSTEM IMPROVEMENTS & $270,000.00 V R 1989 12/17/1991 03/31/1992
NEW STORAGE TANKS
87. RWD #7 MAYES REFINANCE FMHA DEBT $420,000.00 F R 1989 12/17/1991 01/28/1992
INTEREST TYPE PAGE 7
FIXED (F)
BLENDED (B)
CONVERTED (C) RATABLE(R) BOND DATE DATE
APPLICANT COUNTY PROJECT DESCRIPTION LOAN AMOUNT VARIABLE (V) NONRATABLE(N)@ SERIES APPROVED FUNDED
88. BARTLESVILLE MA* WASHINGTON WATER TREATMENT PLANT $4,500,000.00 V R 1989 01/15/1992 02/20/1992
IMPROVEMENTS, PUMP STATION,
DISTRIBUTION LINE, & TANK
89. MUSKOGEE MA* MUSKOGEE SEWER SYSTEM IMPROVEMENTS $11,553,000.00 F CWSRF 02/11/1992 OS/20/1992
90. RW,S,G,& SWMD #4 WAGONER WATER TREATMENT PLANT, INTAKE $6,000,000.00 F R 1989 02/11/1992 04/16/1992
FACILITY DISTRIBUTION SYSTEM &
REFINANCING
91. WALTERS PWA COTTON WATER TREATMENT PLANT & $1,200,000.00 V R 1989 02/11/1992 04/29/1992
REFINANCING
92. GLENPOOL USA TULSA SEWER SYSTEM FACILITIES $230,000.00 V R 1989 03/10/1992 OS/22/1992
IMPROVEMENTS
93. NASH P\'/A GRANT WATER SYSTEM IMPROVEMENTS & $355,000.00 F N 1992 03/10/1992 12/16/1992
REFINANCE LOANS
94. RED OAK PWA LATIMER WATER TREATMENT PLANT, STORAGE $220,000.00 V N .1992 03/10/1992 05/05/1993
TANK, WATER LINES, & SEWAGE
SYSTEM IMPROVEMENTS
9956.. BCEHAAVNEDRLERPWMAA+* BLEIANVCEORLN SREEWFEIRNANSCYISNTGEM FMIHMAPROLVOEAMNENTS $5,$673101,,050308..0903 FF N C1W98S9RF 0044//1144//11999922 0076//1142//11999922 I
97. MARIETTA PWA+* LOVE SRF INTERIM CONSTRUCTION LOAN $644,166.27 F CWSRF 04/14/1992 02/10/1993
98. DEWEY PWA* WASHINGTON SEWER SYSTEM IMPROVEMENTS $1,450,000.00 F CWSRF 06/09/1992 06/15/1992
99. GOLTRY PWA ALFALFA REFINANCE LOAN & REHAB STORAGE $115,000.00 V R 1989 06/09/1992 07/31/1992
TANK
100. INOLA PWA* ROGERS REFINANCE FMHA LOAN $130,000.00 F N 1992 06/09/1992 04/01/1993
INTEREST TYPE PAGE 8 I FIXED(F)
BLENDED (B)
CONVERTED (C) RATABLE (R) BOND DATE DATE
APPLICANT COUNTY PROJECT DESCRIPTION LOAN AMOUNT VARIABLE (V) NONRATABLE(N)@ SERIES APPROVED FUNDED
101. OKAY PWA WAGONER SEWER SYSTEM IMPROVEMENTS, $250,000.00 V N 1989 06/09/1992 07/14/1992
REFINANCEING EXISTING DEBT
102. OKEMAH UA OKFUSKEE REFINANCE FMHA/GECC $1,855,000.00 F R 1989 07/14/1992 09/01/1992
103. RWD #12 LEFLORE WATER STORAGE " DISTRIBUTION $80,000.00 V N 1992 07/14/1992 02/16/1993
SYSTEM
104. NICOMA PARK DA* OKLAHOMA CONSTRUCT SEWAGE COLLECTION $1,445,000.00 F CWSRF 08/11/1992 10/09/1992
SYSTEM
105. TALOGA PWA DEWEY WATER TREATMENT PLANT $280,000.00 F N 1992 08/11/1992 12/16/1992
IMPROVEMENTS
106. WYNONA MA OSAGE WASTEWATER TREATMENT $125,000.00 V N 1992 08/11/1992 12/04/1992
IMPROVEMENTS
107. ALTUS MA JACKSON DRAINAGE IMPROVEMENTS $1,725,00.0.00 F R 1992 09/15/1992 12/16/1992
108. CALERA PWA BRYAN WATER SYSTEM IMPROVEMENTS " $270,000.00 V N 1992 09/15/1992 11/13/1992
REFINANCE FMHA LOAN
109. PVIA* LEFLORE CONSTRUCTION OF A NEW 18 INCH $2,665,000.00 V R 1992 10/20/1992 11/13/1992
WATER LINE
11 O. TULSA MUA TULSA REFINANCE SRF INTERIM $4,298,579.67 F mSRF 10/20/1992 12/16/1992 .~
CONSTRUCTION LOAN
111. TULSA MUA* TULSA REFINANCE SRF INTERIM $7,300,000.00 F R 1992 10/20/1992 12/16/1992
CONSTRUCTION LOAN
112. CHOUTEAU PWA MAYES REFINANCE LOANS $150,000.00 F N 1992 11/17/1992 12/16/1992
113. OWASSO PWA TULSA SEWER AND WATER SYSTEM $4,600,000.00 B R 1992 11/17/1992 04/01/1993
IMPROVEMENTS
INTEREST TYPE PAGE 9
FIXED (F)
BLENDED (B)
CONVERTED (C) RATABLE(R) BOND DATE DATE
APPLICANT COUNTY PROJECT DESCRIPTION LOAN AMOUNT VARIABLE (V) NONRATABLE(N)@ SERIES APPROVED FUNDED
114. RWD #3 ROGERS WATER SUPPLY LINE AND $1,600,000.00 V R 1992 11/17/1992 01/26/1993
APPURTENANCES
115. SKIATOOK PWA* TULSA/OSAGE WASTEWATER TREATMENT FACILITY $1,900,000.00 C R 1992 11/17/1992 12/03/1992
&. COLLECTION SYSTEM
MODIFICATIONS
116. WAKITA UA GRANT REFINANCE $325,000.00 F N 1992 11/17/1992 12/16/1992
117. GUYMON UA TEXAS WATER SYSTEM IMPROVEMENTS $3,185,000.00 F R 1992 01/08/1993 08/11/1993
118. RWD #4* ROGERS WATER TREATMENT &. DISTRIBUTION $600,000.00 V R 1992 01/08/1993 04/05/1993
r
SYSTEM IMPROVEMENTS
119. DUNCAN PUA* STEPHENS SEWER SYSTEM ENGINEERING $1,830,000.00 V R 1992 02/09/1993 03/24/1993
120. CHOCTAW UA OKLAHOMA WATER AND SEWER SYSTEM $605,000.00 V R 1992 03/09/1993 06/28/1993
IMPROVEMENTS
121. FORT GIBSON UA MUSKOGEE UPGRADE WATER TREATMENT SYSTEM $820,000.00 V R 1992 03/09/1993 06/14/1993
&. REFINANCE
122. GUYMON UA TEXAS REFINANCE SRP INTERIM $118,680.00 F CWSRF 03/09/1993 04/01/1993
CONSTRUCTION LOAN
123. GUYMON UA TEXAS REFINANCE SRP INTERIM $220,000.00 F R 1992 03/09/1993 04/01/1993
CONSTRUCTION LOAN
124. MUSKOGEE MA MUSKOGEE REFINANCE SRF INTERIM $2,141,969.36 F CWSRF 03/09/1993 04/01/1993
CONSTRUCTION LOAN
125. MUSKOGEE MA* MUSKOGEE REFINANCE SRP INTERIM $3,670,000.00 F R 1992 03/09/1993 04/01/1993
CONSTRUCTION LOAN
126. HENRYETTA MA OKMULGEE SEWAGE TREATMENT PLANT AND $1,350,000.00 V R 1992 04/13/1993 10/13/1993
WATER SYSTEM IMPROVEMENTS
INTEREST TYPE PAGE 10 II
FIXED(F}
BLENDED(B}
CONVERTED(C} RATABLE (R) BOND DATE DATE
APPLICANT COUNTY PROJECT DESCRIPTION LOAN AMOUNT VARIABLE (V) NONRATABLE(N}@ SERIES APPROVED FUNDED
127. NORMAN UA* CLEVELAND SEWER SYSTEM IMPROVEMENTS $6,800,000.00 F CWSRF 04/13/1993 OS/24/1993
128. BETHANY-WARR ACRES PWA* OKLAHOMA SEWER SYSTEM IMPROVEMENTS $9,523,800.00 F CWSRF 05/11/1993 10/19/1993
129. BLACKWELL MA KAY WATER " SEWER SYSTEM $2,450,000.00 V R 1994A 05/11/1993 03/08/1995
IMPROVEMENTS
130. KREMLIN PWA GARFIELD REFINANCE DEBT,WATER,AND SEWER $175,000.00 V N 1994A 06/08/1993 04/06/1994
SYSTEM IMPROVEMENTS
131. TULSA MUA* TULSA WASTEWATER TREATMENT PLANT $2,250,000.00 V R 1992 06/08/1993 07/29/1993
IMPROVEMENTS
132. CALUMET PWA CANADIAN REFINANCE EXISTING DEBT " $645,000.00 F N 1994A 07/13/1993 04/15/1994
WATER SYSTEM IMPROVEMENTS
133. RED ROCK PWA NOBLE REFINANCE AN INTERIM LOAN &0 $130,000.00 V N 1992 07/13/1993 09/20/1993
SEWER SYSTEM IMPROVEMENTS
134. CHEYENNE UA ROGER MILLS WATER TREATMENT AND $850,000.00 V R 1992 08/03/1993 10/21/1993
DISTRIBUTION IMPROVEMENTS PLUS
REFINANCING FrnHA DEBT
135. TULSA MUA* TULSA REFINANCE SRF INTERIM $10,380,000.00 V R 1992 08/03/1993 11/03/1993
CONSTRUCTION LOAN
136. TULSA MUA* TULSA 'REFINANCE SRF INTERIM $6,223,800.00 F CWSRF 08/03/1993 11/03/1993
CONSTRUCTION LOAN
137. WAYNE PWA MCCLAIN FLOW-THROUGH LAGOON SYSTEM $270,000.00 V N 1992 08/03/1993 10/15/1993
138. CANTON PWA BLAINE WATER SYSTEM IMPROVEMENTS $280,000.00 V N 1992 09/14/1993 11/19/1993
139. LANGSTON PWA LOGAN WATER TREATMENT PLANT $385,000.00 V N 1994A 09/14/1993 03/01/1994
140. PAOLI MA GARVIN SEWER LAGOON IMPROVEMENTS $120,000.00 'V N 1992 09/14/1993 11/21/1993
INTEREST TYPE PAGE 11
FIXED(F)
BLENDED (B)
CONVERTEO(C) RATABLE(R) BOND DATE DATE
APPLICANT COUNTY PROJECT DESCRIPTION LOAN AMOUNT VARIABLE (V) NONRATABLE(N)@ SERIES APPROVED FUNDED
141. RWD #5* PITTSBURG WATER LINE EXTENSION $80,000.00 V N 1994A 09/14/1993 04/15/1994
142. VALLEY BROOK PWA* OKLAHOMA SEWER LAGOON REPAIRS $215,000.00 V N 1992 09/14/1993 10/04/1993
143. RW & SO #1· NOWATA REFINANCE FmHA·LOAN $215,000.00 V N 1994A 10/12/1993 01/17/1995
144. DUNCAN PUA* STEPHENS SEWER SYSTEM IMPROVEMENTS $9,400,000.00 F CWSRF 11/16/1993 12/14/1993
145. UNION CITY MA CANADIAN WATER SYSTEM IMPROVEMENTS $300,000.00 V N 1994A 11/16/1993 04/06/1994
146. RWD #1 CREEK CONSTRUCTION OF WATER $2,255,000.00 V R 1994A 01/11/1994 08/10/1994
TREATMENT PLANT, STORAGE TANK,
AND WATER DISTRIBUTION LINES
147. GUTHRIE PWA* LOGAN WATER & SEWER SYSTEM $2,980,000.00 F R 1994A 02/08/1994 03/01/1994
IMPROVEMENTS
148. NEWCASTLE PWA* McCLAIN WATER SYSTEM IMPROVEMENTS $405,000.00 F R 1994A 02/08/1994 04/15/1994
149. PONCA CITY UA KAY WATER & SEWER SYSTEM $1,645,000.00 F R 1994A 02/08/1994 04/15/1994
IMPROVEMENTS
150. PONCA CITY UA* KAY SEWER SYSTEM IMPROVEMENTS $5,681,000.00 F CWSRF 02/08/1994 06/23/1994
151. HENRYETTA MA* OKMULGEE SEWER SYSTEM IMPROVEMENTS $4,765,000.00 F CWSRF 03/08/1994 12/09/1994
152. MARIETTA PWA LOVE REFINANCE SRF INTERIM $455,000.00 V N 1994A 03/08/1994 07/07/1994
CONSTRUCTION LOAN
153. MARIETTA PWA LOVE REFINANCE SRF INTERIM $257,666.51 F CWSRF 03/08/1994 07/07/1994
CONSTRUCTION LOAN
154. ALTUS MA* JACKSON IMPROVEMENTS TO THE SOUTHEAST $1,835,000.00 F R 1994A 04/12/1994 06/08/1994
SEWER TREATMENT PLANT AND I